Coolest MTB

The U.S. Small Business Administration is telling small business that Mar. 8 will be the applying deadline regarding federal government economic injury disaster loans available in Appling, Candler, Emanuel, Evans, Liberty, Long, Tattnall, Toombs and Wayne counties in Georgia. The SBA declared a disaster because of excessive rain, high winds and a hail storm on March 26 – 28, 2011.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” announced Frank Skaggs, director of SBA’s Field Operations Center East.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The small business funding can be up to $2 million with a 4 percent interest rate for eligible small businesses and 3 percent for non-profit organizations with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. small business loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These SBA small business loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from the SBA’s website at www.sba.gov.